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3 years ago

The date on a monthly income statement prepared on April 30 is written as________.

Business

1 answer:

Simora [160]3 years ago

4 0

Answer:

(B) For Month Ended April 30, 20--.

Explanation:

Since, the income statement reflects the activities of the specific firm/entity/company for a particular period, therefore the date on income statement is always written in below manner depending on the number of months it represents.

If 12 months are represented by the income statement, then the date on such income statement is written as:

For year ended April 30,20--.

If 6 months are represented by the income statement, then the date on such income statement is written as:

For six months ended April 30,20--.

If 1 month is represented by the income statement, then the date on such income statement is written as:

For month ended April 30,20--.

Keeping in view the above discussion, the answer to the question shall be

(B) For Month Ended April 30, 20--.

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On April 1, 2021, Austere Corporation issued $330,000 of 11% bonds at 106. Each $1,000 bond was sold with 30 detachable stock wa

blondinia [14]

Answer:

Austere Corporation

The amount of the proceeds from the bond that should be recorded as an increase in liabilities is:

= $320,100.

Explanation:

a) Data and Calculations:

The bonds issued = $330,000 at 106

Number of $1,000 bonds issued = 330 ($330,000/$1,000)

Market value of each warrant = $3

Proceeds from issue of bond = $330,000*106% = $349,800

Fair value of warrant issued = 330*30*$3 = $29,700

The bond issue liability = $349,800 - $29,700 = $320,100

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3 years ago

Sol purchased land as an investment on February 12, 2018 for $85,000. On January 31, 2019, Sol sold the land for $90,000 cash. W

photoshop1234 [79]

Answer:

c)Short term capital gain.

Explanation:

Since in the question it is mentioned that the land is purchased by Sol as on Feb 12,2018 for $85,000 and the land was sold by Sol as on Jan 31, 2019 for $90,000 in cash

So as we can see the difference in the purchase date and sale date would be less than one year and the transactions related to the capital assets would be termed as capital gain

Since it is less than one year so it is a short term capital gain

Hence, the correct option is c.

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3 years ago

Milo is the owner of a sporting goods store that has only been open for three months. The holiday season is coming up, and Milo

Arada [10]

1. If Milo should try to sue Jess, the court will decide that

that the parties had a contract, but the damages could not be ascertained because the hourly rate and number of hours had not been determined.

2. Yes, Sylvia will have to pay Sarah for painting the store, even though she did not verbally agree to the contract.

3. The store manager is most likely to explain to Arlene here that the advertisement is a valid offer, and the store must honor the price in the advertisement.

<h3>What is a business contract?</h3>

A contract can be referred to as business arrangements. They are very enforceable in the case of a breach by a court of law.

A business contract usually makes specifications concerning when a business would be done, the completion, and the payment for the goods and services rendered.

One has to fully understand the terms of a contract before they go ahead to sign documents.

Read more on contracts here: brainly.com/question/984979

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2 years ago

Richard's father, Joseph Leder, died in 2014 and was insured by a $1,000,000 policy purchased in 2011 (within three years of his

Lady bird [3.3K]

Answer:

C) III

III. No, the policy was excluded from Joseph's estate.

Explanation:

It doesn't matter who pays the policy's premiums, what matters is who is the beneficiary of the policy. If the proceeds of the policy are paid to the insured's estate, then they are part of it, but if the proceeds are paid to another beneficiary, then they are not included in the estate.

Since Joseph's wife was the owner and beneficiary of the policy, the proceeds will be paid directly to her. The advantage here is that proceeds from the life insurance policy are not taxed as income, but if Joseph's state was larger than $5.43 million, then estate taxes might apply.

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3 years ago

Norwood, Inc. purchased a crane at a cost of $80,000. The crane has an estimated residual value of $5,000 and an estimated life

qwelly [4]

Answer:

Book value= $51,875

Explanation:

Giving the following information:

Purchase price= $80,000

Salvage value= $5,000

Useful life= 8 years

<u>First, we need to calculate the annual depreciation under the straight-line method:</u>

Annual depreciation= (original cost - salvage value)/estimated life (years)

Annual depreciation= (80,000 - 5,000) / 8

Annual depreciation= $9,375

<u>Now, we can determine the book value at the end of 2019:</u>

Book value= purchase price - accumulated depreciation

Book value= 80,000 - (9,375*3)

Book value= $51,875

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3 years ago